Silo Wellness (SILFF), a growth-oriented holding company focused on functional mushroom and psychedelic opportunities, has presented a nonbinding letter of intent to fully acquire Dyscovry Science Ltd. The Toronto-based biotech Dyscovry is involved in the biosynthetic manufacturing of psilocybin and its derivatives targeting irritable bowel syndrome (IBS).
Dyscovry's recent research collaboration with Canadian federal government research laboratories aims at developing a process for the production of psilocybin and its potentially novel molecule derivatives.
Results appear to have been positive so far, as Silo Wellness is ready to take on a major role in the company’s actions.
"The Dyscovry team has spent the last two years looking at the emerging psychedelic pharmaceutical startups and then seeing them tested against the market. What can they produce by way of value and what models work? What pharma deals have been successful in the natural plant molecule space?" said founder and president of Dyscovry Brian Dottin. "We saw that most have lost considerable value along with the rest of the sector after initial marketing pushes exited many of the original shareholders. We wanted to develop something unique with our public and private research collaborations."
Therefore, studies have a novel focus: they test the anti-inflammatory effects of psilocybin with intended clinical trials.
“With access to Canadian federal government research laboratories for developing biosynthetic manufacturing processes, a university laboratory for animal studies, and a DEL facility for pre-clinical research, human capital is the priority over potentially wasteful capital expenditures," continued Dottin.
This is to say, Dyscovry seems to be well-prepared for a serious and in-depth study that could provide a solution for people who suffer from this specific gut syndrome.
Details of the transaction: subject to the completion of the due diligence process and definitive agreement, Silo Wellness would acquire 100% of Dyscovry's shares, in exchange for 49% of its issued outstanding securities.
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